Legislation -
Placed on Calendar
(Senate)
-
Sept. 29, 1998

Vote Result

Yea Votes

Nay Votes

Vote to pass a bill to cut taxes for married couples, farmers, students, and others, and to set aside a portion of the budget surplus for Social Security.

Highlights:

Establishes the "Protect Social Security Account" to set aside 90 percent of the budget surpluses for Social Security until a reform measure is passed.

Reduces the "marriage penalty" by making the basic standard deduction on a joint return equal to twice the deduction of a single return.

Increases the exemption from estate and gift taxes to $1 million.

Eliminates federal taxes on the first $400 of interest and dividend income for joint returns and $200 for single returns, except for capital gain dividends from regulated investment companies and real estate investment trusts.

Increases the limits on earnings before there is a reduction in benefits for individuals who have attained retirement age but are under age 70.